ilde sits at
the entrance to her cave upon the fire-girt cliff, musing upon
Siegfried's ring. Suddenly she hears the old well-known Valkyrie war-cry
echoing down from the clouds. It is her sister Waltraute, who comes to
tell her of the gloom that reigns in Valhalla, and to entreat her to
give up the ring once more to the Rhine-maidens, that the curse may be
removed and that the gods may not perish. Bruennhilde, however, treasures
the symbol of Siegfried's love more than the glory of heaven, and
refuses to give it up. She defies the gods, and Waltraute takes her way
sadly back to Valhalla. Now Siegfried's horn sounds in the distance far
below. Bruennhilde hurries to meet him, and is horrified to see, not her
beloved hero, but a stranger appear upon the edge of the rocky platform.
The disguised Siegfried announces himself as Gunther, and after a
struggle overcomes Bruennhilde's resistance and robs her of the ring.
This reduces her to submission; he bids her enter her chamber and
follows her, first drawing his sword, which is to lie between them, a
proof of his fidelity to his friend.

The second act begins with the appearance of Alberich, who comes to
incite his son Hagen to further efforts to regain the ring. Siegfried
appears, and announces the speedy arrival of Gunther and Bruennhilde.
Hagen thereupon collects the vassals, and tells them the news of their
lord's approaching marriage, which is received with unbounded delight.
Bruennhilde's horror and amazement at finding Siegfried in the hall of
the Gibichungs, wedded to Gutrune and with the ring so lately torn from
her upon his finger, are profound. She accuses him of treachery,
declaring that she is his real wife. Siegfried, for whom the past is a
blank, protests his innocence, declaring that he has dealt righteously
with Gunther and not laid hands upon his wife. Bruennhilde, however,
convinces Gunther of Siegfried's deceit, and together with Hagen they
agree upon his destruction.

The scene of the third act is laid in a forest on the banks of the
Rhine. The three Rhine-maidens are disporting themselves in the river
while they lament the loss of their beautiful treasure. Siegfried, who
has strayed from his companions in the chase, now appears, and they beg
him for the ring upon his finger, at first with playful banter, and
afterwards in sober earnest, warning him that if he does not give it
back to them he will perish that very day. He laughs at their womanly
wiles,